BlueLinx (NYSE:BXC) Upgraded to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded BlueLinx from “Hold” to “Buy,” although the broader analyst consensus remains “Hold” with an average price target of $83.50.
• BlueLinx reported quarterly EPS of $1.15, beating the $0.30 consensus estimate, while revenue of $814.08 million also exceeded expectations.
• Shares opened at $76.81 after falling 4.4%; institutional investors own approximately 90.83% of the company’s stock.

BlueLinx (NYSE:BXC - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday, Wall Street Zen reports.

BXC has been the topic of a number of other research reports. Citizens Jmp began coverage on shares of BlueLinx in a research report on Thursday, September 24th. They issued a "market perform" rating on the stock. Weiss Ratings reissued a "sell (d)" rating on shares of BlueLinx in a research report on Monday, August 17th. Benchmark lifted their target price on shares of BlueLinx from $75.00 to $83.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Citigroup began coverage on BlueLinx in a research note on Thursday, September 24th. They issued a "market perform" rating for the company. Finally, DA Davidson increased their price objective on BlueLinx from $65.00 to $84.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $83.50.

BlueLinx Trading Down 4.4%

• Blackstone NYSE: BX Stock a Buy After an Impressive Q3

Shares of BXC opened at $76.81 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 4.01 and a quick ratio of 2.59. BlueLinx has a 1-year low of $44.78 and a 1-year high of $93.80. The company has a market capitalization of $603.70 million, a P/E ratio of 730.45 and a beta of 1.43. The firm's 50 day simple moving average is $77.16 and its 200 day simple moving average is $64.50.

BlueLinx (NYSE:BXC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The construction company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.85. BlueLinx had a positive return on equity of 0.13% and a negative net margin of 0.06%. The firm had revenue of $814.08 million during the quarter, compared to analyst estimates of $793.72 million.

Hedge Funds Weigh In On BlueLinx

A number of institutional investors have recently bought and sold shares of BXC. SummerHaven Investment Management LLC bought a new position in shares of BlueLinx during the 3rd quarter valued at approximately $595,000. WINTON GROUP Ltd purchased a new stake in BlueLinx during the second quarter valued at $364,000. Squarepoint Ops LLC grew its position in BlueLinx by 8.3% in the second quarter. Squarepoint Ops LLC now owns 9,617 shares of the construction company's stock worth $595,000 after acquiring an additional 734 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of BlueLinx during the 2nd quarter valued at approximately $788,000. Finally, Bank of New York Mellon Corp bought a new position in BlueLinx during the second quarter valued at $1,571,000. 90.83% of the stock is owned by institutional investors.

About BlueLinx

BlueLinx Holdings Inc is a specialty distributor of building products in the United States. The company supplies materials used in residential and commercial construction, repair and remodeling, and industrial applications.

Its product portfolio includes structural products such as lumber, plywood, oriented strand board and engineered wood, as well as specialty products including siding, insulation, roofing materials, gypsum wallboard, millwork and related building components. BlueLinx also provides services such as product sourcing, inventory management, job-site delivery and other supply-chain support.

BlueLinx serves professional contractors, specialty dealers, home improvement retailers, industrial manufacturers and producers of manufactured housing through a nationwide distribution network.

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